【FX Full-time Trader Cat's Pound-Yen Trade Commentary 0519】

I took a discretionary long entry on the GBP/JPY on May 19.

I took profits in the early morning using the N-Method profit-taking condition. It was only 25 pips, but this is important too. The idea is to win steadily and then make a big profit on occasional large wins. This is the essence of the reverse steady-wins-big-wins approach. If you had the EA entry ON, you could have entered in a fairly favorable position.

Let's look at the daily chart.

From the previous trade, the expectation that “we only captured 70 pips, isn’t this indicating a move higher?” turned out correct. The moving average has also started to trend upward.

Next, the weekly chart.

The opposite band’s closure has begun to manifest.

And the monthly chart

Will it become a head-and-shoulders inversion?

This is the key point this time. First, technically, tools are just small instruments for timing.

Never make trading decisions based on technicals. Decisions are made by reading the chart. With technical play or technical play-acting, you cannot determine the direction.